Dogecoin co-creator Jackson Palmer condemns Cryptocurrency

Syed AhadWeb Editor

16th Jul, 2021. 10:38 pm
Jackson Palmer

Jackson Palmer, the co-creator of Dogecoin, has criticized the cryptocurrency sector, calling it ‘inherently right-wing’, ‘hyper-capitalistic’ technology.

He slammed Bitcoin in a series of tweets. The Dogecoin co-founder wrote, “After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity”.

He says that the Bitcoin industry profits from a network of unethical business relationships “new money from the financially desperate and naive”.

Palmer responded by saying that the cryptocurrency sector is dominated by a powerful cartel of wealthy individuals who, over time, have evolved to include many of the same institutions as the centralized banking system they were supposed to supplant.

“Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person,” the co-creator of Dogecoin stated.

Palmer, the co-founder of Dogecoin, also stated that he would never return to the cryptocurrency market. Palmer said, “I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted ‘no'”.

 

 

 

Adsense 300 x 250